Starting in 2018, Wells Fargo bankers will be able to track personal finances linked to subscription services such as Netflix, Spotify, Birchbox and Zipcar through the bank’s mobile app — Control Tower.
Knowing that people enter payment info in several different places became a catalyst for launching the app’s new feature. Wells Fargo CEO, Tim Sloan, brought up a good point at Fortune’s Brainstorm Tech conference when saying, “What happens when you want to make a change to that credit card or debit card? You say to yourself, where in the heck have I put everything?”
Wells Fargo hopes this tool will help users gain better control of recurring payments and how much access companies have to their financial details.
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